Dj Chmn Cohen Gifts 40000 Of Cohen & Steers Inc >Cns

T. Rowe Price Group, Inc. TROW announced its preliminary assets under management (AUM) of $1.61 trillion for October 2024. The figure reflected a sequential decrease of 1.5%.

TROW experienced net outflows of $2 billion in October 2024.

Breakdown of TROW’s AUM Performance

At the end of October, TROW’s equity products aggregated $817 billion, which decreased 1.8% from the previous month. Fixed income (including money market) has been stable at $186 billion. Further, multi-asset products were $551 billion, which declined 1.8% from the previous month.

Alternative products of $53 billion increased 1.9% from the prior month.

T. Rowe Price registered $474 billion in target date retirement portfolios in October 2024, which fell 1.7% from the prior month.

Our Take on TROW

The company’s diversified business model and efforts to broaden its distribution reach through acquisitions will likely support its top-line growth in the future. However, the company’s overdependence on investment advisory fees is concerning. Also, T. Rowe Price’s bottom-line growth has been under pressure due to high costs.

T. Rowe Zacks Rank & Price Performance

Over the past three months, shares of T. Rowe Price have gained 12.8% compared with the industry’s 28.4% growth.

Currently, TROW carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Cohen & Steers, Inc. CNS reported a preliminary AUM of $89.7 billion as of Oct. 31, 2024. This reflected a decline of 2.3% from the prior month.

The decrease in CNS’s AUM balance was due to market depreciation of $2.3 billion and distributions of $150 million, partially offset by net inflows of $454 million.

Victory Capital Holdings, Inc. VCTR posted a preliminary AUM of $172.3 billion as of Oct. 31, 2024. This reflected a decline of 2.4% from the prior month.

For October, VCTR’s average total AUM was $175.0 billion, average other assets were $4.6 billion, and average total client assets were $179.6 billion.

Zacks Investment Research

Lazard, Inc. LAZ reported a preliminary asset under management (AUM) balance of $235.8 billion for October 2024, reflecting a 4.8% decrease from $247.7 billion as of Sept. 30, 2024.

LAZ’s AUM Breakdown

The downfall in AUM balance was due to a market depreciation of $4.4 billion, net outflows of $3.3 billion and foreign exchange depreciation of $4.2 billion.

In October, Lazard’s equity assets decreased 4.9% from the prior month’s level to $182.1 billion. Fixed-income assets decreased 5% to $45.5 billion.

Other assets rose marginally to $8.2 billion from the previous month.

The company’s high reliance on financial advisory fees for most of its revenues and continued net outflows are likely to affect Lazard’s top-line growth in the upcoming period. Nonetheless, cost-management efforts are expected to aid the company’s bottom line in the near term.

Lazard’s Price Performance & Zacks Rank

Over the past six months, shares of Lazard have jumped 42% compared with the industry’s growth of 16.4%.

Franklin Resources, Inc. BEN reported its preliminary assets under management (AUM) of $1.63 trillion as of Oct. 31, 2024. This reflected a decrease of 2.9% from the prior month.

The decline in the AUM balance was due to the impacts of negative markets and long-term net outflows of $18.5 billion, including the previously disclosed $17.8 billion of long-term net outflows at Western Asset Management.

Break Down of BEN’s AUM Based on Asset Class

BEN recorded equity assets of $618.2 billion, which fell 2.2% from the previous month. The fixed income AUM of $524.6 billion at the end of October 2024 declined 5.7% from the prior month. Likewise, multi-asset AUM was $174.4 billion, which fell 1% from September 2024.

Alternative AUM decreased 0.8% to $247.9 billion from the prior month. Alternative AUM in the reported month includes a $0.3-billion reduction related to the reclassification of assets under administration.

The cash management balance was $65.6 billion, up 2.5% from the previous month.

Our Viewpoint on BEN

October was a challenging period for Franklin due to weaker markets and long-term net outflows. Nonetheless, increased cash management, along with BEN’s efforts to grow inorganically, supported its financials.

Over the past three months, BEN shares have gained 0.1% compared with the industry’s 27.5% rise.

Currently, BEN carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Asset Managers

Cohen & Steers, Inc. CNS reported a preliminary AUM of $89.7 billion as of Oct. 31, 2024. This reflected a decline of 2.3% from the prior month.

The decrease in CNS’s AUM balance was due to market depreciation of $2.3 billion and distributions of $150 million, partially offset by net inflows of $454 million.

Victory Capital Holdings, Inc. VCTR reported a preliminary AUM of $172.3 billion as of Oct. 31, 2024. This reflected a decline of 2.4% from the prior month.

For October, VCTR’s average total AUM was $175.0 billion, average other assets were $4.6 billion, and average total client assets were $179.6 billion.

Zacks Investment Research

Victory Capital Holdings, Inc. VCTR reported assets under management (AUM) of $172.3 billion for October 2024. This reflected a 2.1% decline from $176.1 billion as of Sept. 30, 2024.

By asset class, VCTR’s U.S. Mid Cap Equity AUM decreased 3.2% from the September level to $31.3 billion. The U.S. Small Cap Equity AUM of $15.2 billion dipped 2.3%. The Global/Non-U.S. Equity AUM declined 3.2% to $19.1 billion. The U.S. Large Cap Equity AUM decreased 1.4% to $14.03 billion.

Further, Victory Capital recorded $61.4 billion in Solutions, down 1.8% from September 2024. The Alternative Investments asset balance declined 3.8% on a sequential basis to $3.1 billion. Fixed Income AUM was $24.7 billion, which decreased 1.4% from the prior month.

Nonetheless, Money Market/Short-Term assets rose nearly 1% from September 2024 to $3.4 billion.

The strong positioning of VCTR's integrated multi-boutique business model in a fast-expanding market, as well as the effectiveness of the distribution platform, is expected to boost its performance in the near term.

VCTR’s Price Performance & Zacks Rank

Shares of VCTR have gained 38.1% over the past six months compared with the industry's growth of 29.5%.

Invesco IVZ shares lost 1% in after-hours trading on Monday following the announcement of preliminary assets under management (AUM) for October 2024. The company’s month-end AUM of $1.77 trillion represented a 1.3% decline from the previous month.

IVZ reported net long-term inflows of $2 billion for October. Non-management fee-earning net outflows were $0.2 billion, and money market net outflows totaled $1.8 billion.

Further, Invesco’s AUM was unfavorably impacted by weak market returns, which lowered its AUM by $13 billion. Also, FX hurt the AUM balance by $10.5 billion.

Invesco’s preliminary average total AUM in the quarter through Oct. 31 was $1.79 trillion, and the preliminary average active AUM came in at $1.02 trillion.

IVZ’s Performance Breakdown by Asset Class

At the end of October, IVZ’s AUM under ETFs & Index Strategies was $457.7 billion, rising marginally from the previous month. The Fundamental Fixed Income AUM of $284.2 billion fell 2.2% sequentially.

Invesco’s Fundamental Equities AUM for August was $270.1 billion, down 3% from September 2024-end. Private Markets AUM declined marginally to $129.2 billion, while the APAC Managed AUM fell almost 1% to $116.4 billion.

AUM under Multi-Asset/Other was $60.2 billion, falling 4.6% from the previous month’s end. Global Liquidity AUM was $162.3 billion, down 1.1% sequentially. QQQs AUM was $291.9 billion, which decreased almost 1%.

Our Take on Invesco

Several macroeconomic headwinds have been leading to a volatile trend in asset flows, which, along with a tough operating environment, might hurt Invesco’s top line in the near term. However, synergies from buyouts, diverse product offerings and alternative investment strategies, global presence and a solid AUM balance will likely keep aiding the company’s financials.

In the past three months, shares of IVZ have rallied 12.6%, underperforming the industry’s growth of 26.8%.